Novo Nordisk posted solid quarterly results Wednesday before the market open.The drug maker’s sales came in at 71.3 billion Danish crowns ($10.3 billion) and diluted earnings per share (EPS) of DKK 6.

Novo Nordisk on Wednesday reported better-than-expected quarterly sales of its popular Wegovy weight-loss drug and narrowed its 2024 outlook for the year, in a mixed set of results reflecting growing competition in the fast-growing obesity drug market.

Novo Nordisk A/S’s sales of blockbuster weight-loss drug Wegovy beat expectations in the third quarter, a potential relief for investors after rival Eli Lilly & Co.’s disappointing obesity sales last week.

When Novo Nordisk reports earnings Wednesday morning, investors will be seeking reassurance that they haven’t overestimated the market for the new GLP-1 weight-loss medicines. When Novo’s competitor Eli Lilly reported its earnings last week,

Hims & Hers Health reported third-quarter results that topped Street expectations Monday and said it plans to release a generic version of a Novo Nordisk diabetes and weight-loss drug as early as next year.

Novo Nordisk's (NVO) semaglutide, marketed as Wegovy for obesity, shows promise in reducing joint disease symptoms in addition to weight loss. Read more here.